KSE index crosses 26,000 points

Karachi: The running of points is continued in Karachi’s stock market as the benchmark index hit yet another all-time high on Friday amid investors’ hopes that economy will improve in 2014.

In early morning trade, the Karachi Stock Exchange’s benchmark 100-share index crossed the record 26,000-point level and was trading at 26,122.16, up 159.98 points or 0.62 percent with a handsome turnover of 57.4 million shares.

Dealers said that investors are hopeful that the New Year will bring improvement in the economy, adding fresh institutional buying is seen throughout this week with the start of new season.

“Market participants are anticipating that Nawaz Sharif government will revive stalled privatization program this year.”

“Investors are optimistic that this year will be good for the economy.”

Overall market outlook appears positive in the short-term while resistance is expected at 26,500 points.
2013 proved to be a good year for the Karachi stock market during which the key index gained a whopping over 49 percent. Key index began the year at 16,910 points level while year-end index level was 25,261 points.